Over 300 Banks Join JP Morgan Blockchain Network

American multinational investment bank and financial services holding company JP Morgan has announced it expanded its blockchain network "dramatically," as more than 330 banks have signed up to be part of its network.

According to the official press release, since 2018 JP Morgan's Interbank Information Network (IIN) has been focusing on minimizing friction in the global payments process, "enabling payments to reach beneficiaries faster and with fewer steps."

John Hunter, Global Head of Clearing for JPMorgan Chase, claims the intent with IIN was always to develop a meaningful ecosystem of bank users, "all focused on harnessing emerging technologies such as blockchain to better address the complex cross border payments industry."

"In just one year, we’ve seen IIN scale as well as expand in terms of role and capabilities – and we are excited at the growth to come," Hunter added.

Earlier iHodl reported that Deutsche Bank, Germany's largest bank, also joined the IIN network.

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